Recently, data from Etherscan.io showed that a large amount of SHIB, amounting to 4 trillion (4T) tokens, was transferred from a wallet associated with the Binance exchange, labelled “Binance 8”, to a wallet connected to the Shiba Inu-based decentralized exchange, ShibaSwap.
The total value of the SHIB tokens in this transaction was $35,080,000 ($35.08 million). The data also indicates that the transfer took place at 07:18:35 AM UTC.
Binance, the world’s largest cryptocurrency exchange, holds nearly 16% of Shiba Inu’s circulating supply. According to Etherscan.io data, the circulating supply of the second-largest meme coin is 589.36 trillion SHIB, of which Binance’s four wallets hold 91.57 trillion.
Today’s transaction was also confirmed on the Twitter account of the Blockchain tracker and analytics system Whale alert. And according to ShibBurn, Binance staked these 4T coins on Shib Dex.
Recently, ShibaSwap was ranked as the top watchlisted decentralized exchange (DEX) project on Certik’s platform, surpassing well-known projects such as 1inch Network and PancakeSwap. CertiK believes that the Shiba Inu project’s most notable features are that it is decentralized, has a significant market cap, has been in operation for a long time, offers bug bounties, and has a large social following.
According to WhaleStats, a popular blockchain data tracking website, Shiba Inu has become one of the most commonly purchased tokens among the top 100 ETH holders in the past 24 hours. The website’s data shows that these top 100 ETH holders have on average, purchased 341,296,045 SHIB tokens in the past 24 hours.
Shiba Inu has gained a significant following among crypto enthusiasts, often referred to as the “SHIB Army”. However, the token’s price has seen a significant decline over the past year. Despite this, there are several upcoming releases that could potentially drive the price of the token higher.
The eagerly awaited Shibarium layer 2 network is nearing completion, and many anticipate its launch in Q1. In addition to this, the Shiba Inu team is also working on two new tokens for their ecosystem: a stablecoin called Shi, and a rewards token called TREAT.
